Studsvik Acquires Kärnfull Next, Expanding Into SMR Project Development

Studsvik AB's stock climbed 8.97% to 316.00 SEK on March 9 after the Nasdaq Stockholm-listed nuclear technology company announced an agreement to acquire Kärnfull Next AB, a Gothenburg-based SMR project development firm that has been running site selection and feasibility studies across Swedish municipalities since 2022.

The deal, reported at €6.5 million ($7.5 million) by Independent Nuclear News and at EUR 7 million by Marketscreener, marks a deliberate pivot for Studsvik. The company has built its business around supporting the world's existing reactor fleet. With Kärnfull Next in the fold, Studsvik said it will now be able to support nuclear projects "from their earliest stages through to operation and decommissioning" — a full-lifecycle capability it did not previously hold.

Kärnfull Next, which has operated out of Burgårdsgatan 18 in Gothenburg since positioning itself as a next-gen Nordic nuclear developer starting in 2019, describes its offering as technology-agnostic: vendor-neutral SMR project origination covering legislation, licensing, permitting, siting, and funding. That breadth of relationships with reactor manufacturers, investors, and policymakers is precisely what Studsvik said it is acquiring. Under the agreement, the Kärnfull Next founders will join Studsvik's executive team, though neither company has disclosed the founders' names or new titles.

Daniel S. Aegerter, Founder and CEO of Armada Investment AG and Studsvik's largest shareholder, framed the deal in expansive terms: "Together, Studsvik and Kärnfull Next will build a truly integrated nuclear services platform — and establish Studsvik as the home for entrepreneurial ambition in nuclear."

The acquisition lands at an unusually favorable moment for Swedish nuclear development. Sweden has proposed three draft laws aimed at expanding new nuclear plants, specifically opening more coastal locations for potential sites. The government has also put forward a financing framework worth SEK 220 billion (€20.6 billion, $23.8 billion) to back new projects — a scale of public commitment that Studsvik cited as creating "one of the most attractive environments globally for advanced reactor projects." State-owned Vattenfall is already seeking financing to add reactors at Ringhals and is pursuing SMR development on the Varo peninsula through its subsidiary Videberg Kraft.

Studsvik expects the deal to close in the second quarter of 2026, pending regulatory approvals it has not yet specified. The company also signaled the Kärnfull Next acquisition is not a one-off: it said the transaction "laid the ground for its next step in new nuclear development" and that further partnership announcements in this space should be expected.

The exact enterprise value remains unconfirmed from Studsvik's own filings, with the two reported figures differing by roughly half a million euros. Whether that gap reflects an earn-out structure, rounding, or a reporting discrepancy will likely become clear once the deal closes or Studsvik publishes a formal regulatory filing.